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Think of it as the Sunday Paper.  You would pick your best units, put them together in an ad, and Sunday morning someone would be reading the paper and see them.  Facebook is the new "paper".  People are there for information, entertainment, or news so having your ad units handed to them in a way that you can measure and plan is pretty spectacular.

We have had some decent success with Facebook Ads so far.  When we first started our bounce rate was HUGE!  But after trial an error and trying news things our analytics look much better and the ROI is substantial.  I can get similar result as CPC for a fraction of the cost.